Bank of America teams up with Yodlee for account aggregation

Bank of America teams up with Yodlee for account aggregation

Bank of America is to provide customers with account aggregation services using technology from California-based Yodlee.

The bank plans to roll out a free service later this year that will enable its customers to consolidate and manage all of their online account information across multiple institutions and other providers at one, easy-to-access Web site with a single user ID and passcode.

Bank of America also has acquired an equity stake in Yodlee, serving as the lead investor in a fourth round of equity funding for the company.

Customers will be able to pull together online banking, brokerage, mortgage and credit card balances, as well as frequent flyer, e-mail and other account information, from various financial and non-financial providers at one customised Web location. Instead of visiting multiple sites - each with its own user ID and passcode - customers will be able to bookmark a single page, sign on once and access a consolidated view of all their online relationships.

According to John Rosenfeld, consumer e-commerce executive, Bank of America, customer information will be covered by the Bank of America privacy policy and the new service will employ security measures that meet all of the bank's stringent standards.

The new service will be a core feature of the bank's soon-to-be-launched consumer portal. When customers enroll in the service, their online banking accounts with Bank of America will be aggregated automatically and their user ID will not change. Once registered, they will be able to add accounts from Banc of America Investment Services and other institutions and providers with a simple, one-time set-up.

Research from Celent Communications estimates that as many as 19 million Americans will use aggregation services by 2003. The company says banks are "well positioned to become aggregators" because they are trusted by the public with extremely sensitive information.

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